Blue-chip cryptocurrency markets remain stuck within recent ranges and trading with a modestly negative bias on Thursday, despite US inflation data fuelling the crypto-positive narrative that the US Federal Reserve’s hiking cycle is over.
Bitcoin (BTC) was last changing hands close to $29,400, while Ether (ETH) was last trading just under $1,850.
With little to no meaningful volatility in the major coins, crypto traders looking to bag quick gains are increasingly turning to the meme coin/shitcoin market, where volatility is always high.
Of course, these low liquidity markets are not for the faint-hearted.
Here are some of the best performers as per DEXTools.
StrongX (STRONGX)
A new shitcoin called StrongX (STRONGX) has been pumping on Thursday.
As per DEXTools, it was last up close to over 1,200% in the last 24 hours, making it one of the top shitcoin performers on the day.
The token has a market cap of around $1.4 million and over $1.5 million in trading volumes in the past 24 hours, with over 500 holders and around $500,000 in locked liquidity.
DEXTool’s GoPlus audit scan has only highlighted one alter, but the token does have a 2% buy and sell tax.
While it probably isn’t a scam, traders should nonetheless be wary that StrongX could dump just as quickly as it pumped.
Messier 87 (M87)
A token called Messier 87 which claims to be the native token of a platform that is developing a diverse range of DeFi products, including innovative tools for transitioning between fiat and crypto, has been pumping on Thursday.
M87 was last up nearly 5x in the last 24 hours amid a surge of over $600,000 in trading volumes, as per DEXTools.
The token’s market cap was last around $3.5 million, with close to 500 holders and just under $350,000 in liquidity.
Traders should beware that the token could be a scam, however, given DEXTool’s GoPlus security audit identified 4 alerts.
Half Shiba Inu (SHIB0.5)
Half Shiba Inu (SHIB0.5), which appears to be micky take of the trend towards 2.0 and 3.0 versions of popular meme coins in how it goes in the opposite direction, has seen a strong resurgence in recent days.
SHIB0.5 was last up around 65% on Thursday, takings its gains since its June lows to around 2,800%.
The token “only” needs to pump another 300% to reach the all-time highs it set back in early February.
Its market cap is currently $2.6 million, with around $130,000 in liquidity and $120,000 in trading volumes over the past 24 hours, and a little over 2,500 holders, as per DEXTools.
The token doesn’t appear to be a scam, with only one alert flagged by GoPlus with regards to its token contract.
But anything could still be a rug pull in the crypto market, so, as ever, traders should do their own due diligence and remember that, in meme coin markets, there money is always at risk.
Better Alternatives to Consider
While the above coins have been performing well in the last 24 hours, none are likely to be worth much in a few days.
Crypto investors looking for low-cap coins with a better value proposition and better long-term outlook should take a look at the following three projects, all of which analysts at Cryptonews.com are big fans of.
Wall Street Memes (WSM)
Wall Street Memes, one of the most powerful online retail stock investing communities, has been expanding its relevance within crypto with a hugely popular presale of its very own meme coin $WSM.
Thanks to Wall Street Memes’ following of more than 1 million across its various social channels, the presale has been generating huge hype and has already raised a staggering more than $22.9 million.
Dozens of respected crypto experts and influencers are bullish on the coin, including the likes of Michael Wrubel, Zack Humphries, No Bs Crypto, Joe Parys Crypto, CryptoWendyO and many more.
Buy Wall Street Memes Here
XRP20 (XRP20)
Another promising presale project is XRP20, an exciting new iteration of the XRP token that instead lives on the Ethereum blockchain as an ERC-20 token.
XRP20 markets itself as an improved version of XRP thanks to 1) the fact it runs on Ethereum, which is more decentralized than the XRP Ledger and is home to the largest existing Decentralized Finance (DeFi) ecosystem and 2) thanks to its exciting passive income opportunity for those who stake their tokens.
The project has already raised an impressive $1.87 million, hitting its soft-cap target raise.
Learn More Here
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